Regis for BVRio Explained
Regis, the decentralized online registry system built on the Ethereum blockchain, has its first client: BVRIO, a Brazilian organization that promotes the use of market mechanisms to facilitate compliance with environmental laws and support the green economy in Brazil. BVRio has a strong presence in the timber trading sector and, since illegal timber trading is a global issue, particularly in Brazil, transparency is mandatory. In order to improve the organization’s process for trading overview, Regis will provide transparent records of the reports that each timber shipment is given.
The current operation consists of rating the timber shipments based on a number of variables, including the shipment process and the origin of the timber. Though each producer may have similar shipments, the rating may change and producers must check their score as it reflects directly on the price at which their timber is sold.
The problem that BVRio has been facing is that when producers check their reports to find out the score that a particular shipment received, they often contact the organization to request clarification regarding that score. As time has passed since the report was published, producers are often unsure of why the score for a given shipment changed and doubt that the score wasn’t altered internally. BVRio cannot prove that the records have not been changed since they were produced because the company has full control of the database. Through the public Ethereum blockchain, Regis will allow BVRio to prove the authenticity of its past score reports.
By using Regis, the organization can prove that past reports were not altered. The incorporation of the public ledger will develop the trust that is missing between BVRio and the producers and strengthen their business relationship.
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